Home Buying- the word in itself brings a lot of emotions into our minds.
- The thought of owning your dream home that you’ve had an eye on
OR
- The thought of finally moving into your own place after years of staying on Rent
You know a lot many things come to mind when you decide to start looking for your DREAM HOME, but as exciting as it may sound, there are a couple other emotions that also come to mind which rhyme with the word Scary. Yes, you read it right- SCARY. Home Buying is a tough decision and no I am not talking about the exorbitant amount of Paperwork that comes along with it once the deal gets finalized.
I am referring to the initial research involved, the Home Searching bit, the part where you decide on a few probable locations where you want to buy your new place of residence, the part where you drive around every weekend visiting Homes trying to find that perfect place which fits right within your requirements- not to forget- fits right into your BUDGET as well.
But the major question that poses right in front of us when deciding to buy a house is-
Whether to go for a Newly constructed accommodation or to go select an Older Home from the Resale Market?
Home buying is an exhilarating and a scary decision at the same time, but the confused mind which is being given a hard time on deciding whether to buy an Old Home or a New Home- should go about selecting which sounds right in terms of their own Individual Personal Experience and Preferences..!!
The basic difference between Old and New Homes is associated with the kind of costs involved with each of them. Newly Constructed Homes offer-
- A Spanking new unused space that is clean with everything in good working condition
- New locations
- Loads of options to choose from in terms of Size and Specifications
- No repair or maintenance requirements since nothing has been used so far and everything has been newly installed
- Larger no. of financing options available with the builder
- Newer Homes are designed to be more cost-efficient
- They come with loads of amenities for you to choose from such as Better Furnishing & Fixtures, Brand new Modular Kitchen, Solar Panels (in some cases), Better Security features, Better use of the Green space available within the complex, Available Club space offering features such as Swimming Pool, Gym, Sauna, Spa, Jacuzzi, etc.
To read all of this sounds very interesting and in fact, if you are opting for a reputed Builder which has a reputation for providing good quality construction and usage of high quality materials- in such a case you’re bound to get a GREAT DEAL. But know this- Newer Homes might not come in the best of locations and might end up putting you on the outskirts of the City- this is because there is normally no space available for constructing new houses within the City’s municipal limits and whatever, new construction you come across within the cost- it is bound to be VERY EXPENSIVE and thus, might not come within the Budgetary requirements for most of the people.
Now- if moving to the City’s outskirts isn’t a big deal for you if it comes with getting you a GOOD DEAL, then I believe Buying a New Home for yourself might be your thing. Though initially you would have issues related to the Market area not being completely developed or the majority of homes around you still under construction or the infrastructure & other facilities still being developed- but you should know that once all of this gets completed and developed- You would definitely be HAPPY about your decision.
However, if you’re not ready to move out of the city and that New under Construction or the recently completed projects within the City are way out of your Budget- then look no further than the Resale Market which is always available with loads of Already Constructed Unique options for you to choose from. As is the case with newly constructed home, the Old ones also offer a lot to you in terms of-
- Possibly Cheaper than the New Home
- Availability in an already Established district; More central location
- New upgrades may be required to be done which you can undertake per your own unique tastes & preferences
- Old Homes even in an established vicinity will always be different from all of their surrounding ones, while New Homes are majorly similar or exact look-a-likes of the ones surrounding them
You do need to understand the fact that buying an Older Home would definitely require more thorough checking and deep diving within the construction, kind of maintenance that has been done, any immediate or future repair work that might be required and the kind of cost that may be associated with it (since that might also be a deal breaker with your opposite party), any leakages or breakages that need to be tended to immediately, any changes in the electrical wiring and harnesses that may be required since it may have been a long time that such a thing was replaced or repaired, and various other such similar things.
All this is IMPORTANT to be looked into when buying an Older Home, since the decision factors at the time of finalizing the deal would be different. You need to put in a considerable amount of time when finalizing on your Dream Home and your decision may change and fluctuate from New to Old or vice-versa depending on the kind of choices offered to you by the Market coupled with your own preferences.
At the end, do remember one thing- Whatever you choose- New or Old- YOUR DREAM HOME SHOULD MAKE YOU FEEL COMFORTABLE FOR ALL THE YEARS TO COME.
